Ashley put the Premier League club up for sale in October and had been engaged through his representatives with Staveley's PCP Capital Partners in a bid to thrash out a deal for the club he has owned for more than a decade.

However, on Tuesday it became clear that Ashley had finally lost patience and ended negotiations.

In a statement authorised by Ashley, a source close to the owner told Sky Sports: "It's only right to let the fans know that there is no deal on the table or even under discussion with Amanda Staveley and PCP.

"Attempts to reach a deal with Amanda Staveley and PCP have proved to be exhausting, frustrating and a complete waste of time."

Staveley was involved in introducing Sheikh Mansour to Manchester City before he bought the club in 2008.

Her appearance at St James' Park for Newcastle's match against Liverpool in October sparked hopes among Magpies fans of a similar transformation in their club's fortunes.

It has been suggested that Staveley's unknown investors were from the Middle East, East Asia and the US and had made an offer of around £250 million.

But despite being photographed meeting Staveley in London last month, Ashley has decided to walk away from the deal.